In the first quarter of 2025, cryptocurrency scams using deepfake technology have resulted in a staggering $200 million in losses, according to a report from GoPlus Security. This marks a significant surge in the scope and danger of AI-powered attacks within the digital financial sector, signaling the increasing sophistication of cybercriminal activities targeting crypto investors.

Deepfake Cryptocurrency Scams

Scope and Damage

The scale of damage from deepfake-based cryptocurrency scams has reached alarming levels, with over $200 million siphoned off in just the first three months of 2025. This highlights how rapidly AI-driven fraud is spreading across the crypto world. As blockchain technology continues to revolutionize finance, it is becoming an increasingly attractive target for malicious actors exploiting deepfake capabilities to deceive and defraud unsuspecting users.

New Scam Tactics: Building Trust Before Draining Wallets

One of the most disturbing trends in these scams is the use of multi-stage strategies designed to first build trust and then exploit it. Scammers often start by promoting what appears to be a legitimate project, offering enticing deals such as “free USDT with zero transaction fees.” These seemingly harmless offers lure victims into a false sense of security.

Once the victim feels comfortable, scammers begin sending small, regular rewards—tokens or USDT—giving the impression that the project is trustworthy. The ultimate goal is to gain access to the victim’s wallet by convincing them to grant token permissions to a malicious Externally Owned Account (EOA). Once this access is granted, automated bots quickly drain the wallet of all assets in a matter of seconds.

The Role of AI Deepfake in Scams

AI-generated deepfake technology is a central component of these scams. Fraudsters use deepfake tools to mimic the voices and faces of well-known celebrities or cryptocurrency experts, convincing victims that they are receiving trustworthy investment advice.

A notable example includes Changpeng Zhao (CZ), co-founder of Binance, who warned about deepfake videos impersonating him to promote fraudulent projects. Additionally, the Ashesi University in Ghana fell victim to deepfake technology being used to solicit fake investment opportunities.

Warnings and Recommendations

McAfee reports that the average American may encounter as many as three deepfake videos every day, underlining the growing prevalence of this form of deception. To avoid falling victim to deepfake scams, users should be aware of the following red flags:

• Promises of “too good to be true” profits

• Fake endorsements from celebrities or KOLs

• Non-existent platforms, wallets, or exchanges

• Pressure to make quick decisions

• Requests for private keys or upfront payments

GoPlus Security recommends that users avoid granting unlimited access to tokens and instead use on-chain security tools such as revokers, firewalls, and utilities to reclaim permissions that have been granted.

Analysis

The combination of sophisticated blockchain attacks and deepfake AI technology represents a double threat to crypto users. These scams are changing the game, and with just one moment of inattention, digital assets can be stolen in an instant.

Cryptocurrency users must remain vigilant, fortify account security, verify information through official channels, and never share access or sensitive information—even if an investment offer comes from a seemingly trustworthy source. As AI and blockchain technology evolve, so too must the strategies to protect users from these increasingly deceptive and dangerous scams.